good price / history of negociation / claim possibility ?
1) At 14 $, I will tender. At this point, there's a small probability of a new price from a cometitor bid... I hope again for 15$. I understand that some company and fund follow carefully what happens next!
2) Today I seen details about history of arrangement agreement (Part 1 of information circular).
In January 2015: engagement of financial advisor for a market check in seaching potential acquirors. Four parties received confidential informations. Discussion extended in July of 2015 but the Board decide to discontinue the maercket check process (best price received was 11.50$); Interisting to note that the highest price attained by PM on Venture was on the same period (20th July). Afterwards, the share price slump progressively (probably a leak here...).
February 2016: unsolicited inquiry received by Handicare. After some visits, they make a first offer to 12$ in April. Less than one week after, Prism received an unsolicited indication of interest from another bidder (a public company (not cited in the circular) in the same sector that offer a mix of cash&shares). This company did not improved there offer (equivalent to 11.50$).
Early June 2016: Handicare reprensentatives met in Toronto with senior management to discuss of an agreement. Only two days after, Prism announces Rose Papastamos departure for "personnal reason". One week after, Handicare increased his offer to 12.50$ and discuss about post-transaction employment arrangements with certain key executives. Finally they maked proposition to Scavuzzo, Wallace and Clark (presidents and v-p). The announcement of transaction was on June 27.
4) Considering that's I sold a part of my holding just before the June 27 announcement on the base of risks associated with the CFO departure without reason. Highlighted by circular information that's probably the CFO (Papastamos) was not approached for a possibility to be engaged by Handicare after a possible transaction. Do you think that all shareholder that sold their shares between 9 and 27 June inclusively, could have a right to be compensated ? I think that's could be a good question for a lawyer : possibility to have money for the difference between the share price obtained and the last proposed price (14$). I think that should be more fair. I don't understand why it was so important to announce this departure just before the more significant information about this deal! The right thing to do would have been to delay the CFO departure or to explain that the reason was a possible agreement to sold the company. Shareholders have the right to have the best information at the right time.